10/18/11 New funding helps AHFC to expand HOME Opportunity Program (HOP)

ANCHORAGE, Tuesday, October 18, 2011 - Alaska Housing Finance Corporation (AHFC) awarded $1.7 million in additional funding to two non-profit intermediary agencies to administer the HOME Opportunity Program (HOP). HOP provides principal buy-down, down payment and closing cost assistance for eligible lower income households. With the additional funding, HOP availability will be expanded to areas that have not been previously served throughout Alaska.

Maximum assistance offered is $30,000 per household, with the amount varying depending on need and income. HOP is funded by the U.S. Department of Housing and Urban Development's (HUD) HOME Investment Partnerships Program.

Alaska Community Development Corporation (Alaska CDC) was awarded funding to continue to serve the Matanuska-Susitna Borough and the Kenai Peninsula, and is expanding HOP to: Copper River Basin (Glennallen, Valdez & Cordova), Juneau, Haines, Ketchikan, Petersburg, Wrangell, Sitka and Kodiak.

"We are pleased to be able to continue to provide HOP homebuyer assistance throughout the Mat-Su and Kenai, and to expand the program to communities in Southeast and Kodiak Island. The expansion means that we can support at least an additional 50 households", says Patrick Shiflea, Executive Director of Alaska CDC.

For more information about HOP, or to obtain an application, please contact the intermediary organization that administers HOP for your geographic area:

AHFC's HOME Program is administered to areas outside of Anchorage; the Municipality of Anchorage receives their own allocation of HOME funds.

AHFC is a self-supporting public corporation with offices in 16 communities statewide. It provides statewide financing for multi-family complexes, congregate facilities, and single-family homes, with special loan options for low- to moderate-income borrowers, veterans, teachers, health care professionals, and those living in rural areas of the state.

AHFC also provides energy and weatherization programs, low-income rental assistance in 17 communities, and special programs for the homeless and those seeking to become self-sufficient. AHFC has contributed more than $1.9 billion to Alaska's state budget revenues through cash transfers, capital projects and debt-service payments.